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Law firm Stephenson Harwood LLP has advised ABN AMRO Bank, in its capacity as agent for itself and Norddeutsche Landesbank Girozentrale, on a US$60 million secured loan facility for Scorpio Bulkers Inc.

The facility will be used to re-finance two Ultramax dry bulk vessels – SBI Perseus and SBI Phoebe – and two Kamsarmax dry bulk vessels – SBI Electra and SBI Flamenco – as well as to provide additional liquidity for the group.

“This was an important transaction for long-standing client, ABN AMRO, and demonstrative of our ongoing relationship with Scorpio Bulkers Inc,” said Ian Mace, head of ship finance, Stephenson Harwood. “The ship finance practice at Stephenson Harwood is known for working on some of the most significant mandates in the industry, and our role in this transaction demonstrates the value we can provide for our clients as they adapt to evolving market conditions.”

The Stephenson Harwood team was led by head of ship finance Ian Mace with assistance from senior associate Roderick McGeachy.